Money Laundering Archives – CEO East Africa

THE THIEF WITHIN: Who is Stealing from Ugandan Companies?

CEO East Africa MagazineBusiness & Markets The Big StoryFebruary 25, 2025February 25, 2025

Uganda is experiencing an economic crime crisis, with businesses and individuals losing over USD 272 million (UGX 1.02 trillion) in 2024 due to fraud, cybercrime, and financial misconduct. This represents a sharp rise from UGX 930.5 billion lost in 2023, highlighting the growing sophistication of financial crimes. While the total number of reported economic crime cases saw only a 1.6% increase, from 12,924 in 2023 to 13,132 in 2024, the financial damage inflicted has become far more severe. Cybercrime alone saw a staggering 4,700% increase in financial losses, jumping from UGX 1.5 billion in 2023 to UGX 72.1 billion in…

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Ugandans and businesses in 2024 lost USD272 mn in economic crimes; cybercrime, bank, and fraud double

CEO East Africa MagazineNews & Analysis The Big StoryFebruary 25, 2025February 25, 2025

Even though the number of financial and economic crimes rose mildly, by 1.6%, from 12,924 cases in 2023 to 13,132 cases in 2024, the severity and amount of money lost in these crimes grew more significantly. According to the Uganda Police Annual Crime Report 2024, total financial losses due to economic crimes surged past UGX 1.02 trillion (USD272 million), up from UGX 930.49 billion in 2023. However, financial losses associated with these crimes grew by 16.4%, escalating from UGX 930.5 billion in 2023 to UGX 1,082.7 billion in 2024, indicating that while the number of cases increased, the severity of…

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REMAIN VIGILANT: Financial Intelligence Authority issues tips on spotting and avoiding financial crimes during Covid-19 pandemic

Sydney AsuboBanking & Financial Services The Big Story Thought LeadershipMay 25, 2020May 25, 2020

By Sydney Asubo With people facing confinement or strict social distancing measures, in-person banking and access to other financial services being difficult, and unnecessarily exposes people to the risk of infection. The Financial Intelligence Authority (FIA) encourages the fullest use of responsible digital customer onboarding and delivery of digital financial services in light of social distancing measures put in place by the Government of Uganda. While unintended, these measures may provide new opportunities for criminals and terrorists to generate and launder illicit proceeds. The FIA advises financial institutions to remain alert about malicious or fraudulent transactions similar to those that…

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Bagyenda’s wealth mystery widens, sucks in her children: Leaks show she wired Shs500m to her son’s phone

Muhereza KyamuteteraThe Big StoryMarch 28, 2018March 28, 2018

For the disgraced and sacked former central bank Executive Director in charge of supervision, the saying that “when it rains, it pours

Financial Intelligence Authority probes Bagyenda over money laundering

Muhereza KyamuteteraThe Big StoryMarch 24, 2018March 24, 2018

The Uganda Financial Intelligence Authority (FIA), has formally placed former Bank of Uganda Executive Director, Supervision, Mrs. Justine Bagyenda under investigation over allegations that “the assets and finances she has…

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